Seems intentional. According to a fan-translated Famitsu article, they said:
Patch cycle will be same as ARR with even numbered patches raising the item level cap. It will rise faster though (greater than the 20 ilvls at a time in ARR).
This doesn't bother me, since I've never found power creep an issue.
I don't outrightly support bigger numbers for the sake of them either though.

That said, I find most gear upgrades within a tier don't have much of an effect.
Except for the weapon which can be huge.
So I think this might be a good change. But since weapons are so strong in this game, I feel like that disparity with different item levels might be too large.

Other than the weapon, I do feel each item should feel like more of an increase than it is now.
I don't really care how big numbers are or get. When 10's or 100's of thousands become standard, you abbreviate with "k" to reduce clutter.
"M" for millions. All that matters is the progression within the tiers.